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According to SoSoValue data, the total net inflow of Ethereum spot ETFs yesterday was $24.8394 million. The Ethereum spot ETF with the highest single-day net inflow was Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $16.7278 million. Currently, the historical total net inflow of ETH has reached $2.026 billion.Next is Fidelity ETF FETH, with a single-day net inflow of $8.1117 million. Currently, the historical total net inflow of FETH has reached $2.342 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs is $15.827 billion, and the ETF net asset ratio (the market value as a percentage of Ethereum's total market value) is 5.16%. The historical cumulative net inflow has reached $13.199 billion.

The stablecoin infrastructure platform Interlace announced a joint initiative with multiple industry partners, including OSL, AllScale, Stable, Hetu, Cregis, WIDTH, KEM, and KTX, to launch the white paper titled Stablecoin Payment Infrastructure: From On-Chain Settlement to Real-World Payments. As stablecoins evolve from crypto-native financial instruments into global financial infrastructure, stablecoin payment activity is also growing rapidly. In Q1 2026, stablecoin transaction volume exceeded $28 trillion, while stablecoin B2B payments reached $226 billion in 2025, representing a 733% year-over-year increase. However, as stablecoin payments expand into real-world commercial use cases, the industry still lacks a systematic framework for defining the capabilities covered by stablecoin payment infrastructure and how on-chain assets can be connected with real-world commerce. The white paper will focus on this gap, covering key topics such as stablecoin payment infrastructure, end-to-end costs, compliance and risk management, and enterprise-scale adoption. Drawing on industry data, practical experience, and real-world cases, it will further explore the development path of stablecoin payment infrastructure. The full white paper is expected to be officially released within the next 1-2 months.

Ethereum Layer 2 network ZKsync announced the launch of the prover Airbender Prime. ZKsync stated that, to their knowledge, this is the first prover to demonstrate real-time proofs of Ethereum on a single GPU. Airbender Prime is designed for post-quantum security, utilizing hash-based STARK, combined with GKR sumcheck, WHIR polynomial commitment, and BLAKE2s hash; its L1 proof will use a commitment based on Keccak-256 instead of BN254 pairing. This prover is based on the open RISC-V standard and combines real-time proofs with independent validators.In a single GPU evaluation, an NVIDIA RTX PRO 6000 Blackwell completed proofs for 99% of 7200 consecutive Ethereum mainnet blocks, with each block taking less than 10 seconds, including witness preparation; all blocks were completed within 12 seconds. ZKsync claims that Airbender Prime leads in average proof time, GPU efficiency, and cost reported on the ETHproofs public leaderboard, and it already has dual GPU and quad GPU real-time configurations while reducing the hardware requirements for generating proofs.

The institutional crypto trading platform FalconX and the synthetic dollar protocol Ethena are operating a collateralized lending arrangement with a scale of 1 billion dollars, funded by the reserve assets of the stablecoin USDe. The related loans are over-collateralized, with Ethena holding the first priority collateral rights.FalconX's cumulative trading volume has exceeded 25 trillion dollars. This arrangement was disclosed by the market intelligence account msbintel and mentioned the official account of Ethena.

According to a report by Business Wire, Interactive Brokers has launched a cryptocurrency staking service for eligible clients, with the staking service provided by Zerohash.In the initial phase, eligible Interactive Brokers LLC clients can stake Ethereum through the staking panel in the client portal, submit staking or unstaking requests, and view pending statuses. Rewards will be distributed in the form of staking tokens and can accrue interest during the staking period.Interactive Brokers CEO Milan Galik stated that similar to its stock yield enhancement program, the staking service allows clients to earn additional income from their held crypto assets. Currently, Interactive Brokers supports trading of 20 digital assets and allows deposits using USDC, RLUSD, and PYUSD.

According to official news, the stablecoin issuer Tether announced an investment in the Latin American financial infrastructure company EFY Finance's seed round financing to promote the application of USD₮ and USA₮ in the institutional sector.Tether stated that this investment aims to strengthen the connection between stablecoins and the traditional financial system, supporting EFY Finance in developing cross-border payment, account services, and digital asset custody infrastructure based on stablecoins.Tether CEO Paolo Ardoino stated that many regions in Latin America are facing inflation and capital control pressures, and dollar stablecoins are becoming a tool for accessing dollar liquidity, while compliant infrastructure and banking connections are key to expanding applications.EFY Finance currently offers deposit/withdrawal services for USD₮ and USA₮, over-the-counter trading (OTC), wallet, and payment card services, covering local settlement channels for more than 12 currencies and 17 countries. The company has obtained a digital asset service provider license in El Salvador and serves over 25,000 individual and corporate accounts.

AMC's CEO Adam Aron posted again on the X platform, stating that Robinhood claims to support the new regulations formulated by the U.S. Securities and Exchange Commission regarding the tokenization of U.S. stocks and demands that Robinhood clarify whether its international business will adhere to the same principles proposed by the SEC.Adam Aron stated that if Robinhood's offshore operations in Jersey do not follow the relevant principles, it will become a distortion and mockery of the correct practices required by the SEC. In the original text, he repeatedly stated "shame, shame, shame," questioning Robinhood's refusal to respond directly to the relevant issues.

According to SoSoValue data, on October 12, Eastern Time, the total net outflow of Ethereum spot ETFs was $85.3954 million. The Ethereum spot ETF with the highest single-day net outflow was Blackrock ETF ETHA, with a single-day net outflow of $75.0682 million. Currently, the historical total net inflow of ETHA has reached $12.718 billion.The second was Grayscale Ethereum Trust ETF ETH, with a single-day net outflow of $10.3272 million. Currently, the historical total net inflow of ETH has reached $2.009 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs was $15.858 billion, and the ETF net asset ratio (the market value relative to the total market value of Ethereum) reached 5.15%, with a historical cumulative net inflow of $13.174 billion.

According to SoSoValue data, last week's trading day saw a net outflow of 542 million USD from Ethereum spot ETFs. The Ethereum spot ETF with the highest net outflow last week was the Blackrock ETF ETHA, with a weekly net outflow of 477 million USD, and the historical total net inflow for ETHA has reached 12.79 billion USD; followed by the Grayscale Ethereum Trust ETHE, with a weekly net outflow of 31.8918 million USD, and the historical total net outflow for ETHE has reached 5.47 billion USD.The Ethereum spot ETF with the highest net inflow last week was the Morgan Stanley ETF MSSE, with a weekly net inflow of 1.3209 million USD, and the historical total net inflow for MSSE has reached 42.68 million USD. As of the time of writing, the total net asset value of Ethereum spot ETFs is 15.71 billion USD, with an ETF net asset ratio (market value relative to the total market value of Ethereum) reaching 5.18%, and the historical cumulative net inflow has reached 13.26 billion USD.

According to MSB Intel's report on October 12, based on statistics from DefiLlama, the issuer of synthetic dollar USDe, Ethena, has accumulated protocol fees of 1.061 billion dollars since its launch at the end of 2023, with a statistical span of about 34 months.USDe is supported by collateral and perpetual futures positions, and its structure is different from reserve-based stablecoins like USDC and USDT. Fees come from issuance, redemption, and holding, and are distributed between stakers and governance token holders. As of mid-October 2026, the market capitalization of USDe is approximately 4.8 billion dollars, the protocol's TVL is about 5.2 billion dollars, and the market capitalization of the governance token ENA is around 3 billion dollars.The report explains that the aforementioned fees measure revenue accrual, not retention after deducting operating costs; maintaining perpetual positions, collateral management, and governance will consume part of the fees. According to DefiLlama's public page, Ethena's accumulated fees are 1.061 billion dollars, TVL is approximately 5.189 billion dollars, ENA's market capitalization is about 3.206 billion dollars, and the TVL on the Ethena USDe page is around 4.758 billion dollars.

According to on-chain analyst Yu Jin's monitoring, 4 hours ago, 2 wallets associated with the Ethereum Foundation (0x4c4...2b94, 0x999...0229) transferred 4,393 ETH to Kraken, worth 11.13 million dollars.The wallet that transferred out ETH received 59,800 ETH from the Ethereum Foundation wallet 10 years ago, of which 49,800 ETH has been gradually transferred to Kraken over the past 10 years at an average price of about 658 dollars.

PLabs released a technical paper on October 9, proposing a privacy stablecoin protocol based on Ethereum. This protocol allows anyone to deploy a Reserve Vault and NotePool supported 1:1 by reserve ERC-20 tokens, generating pUSDC as an example. The user's first on-chain credit is a privacy note, without the need to hold public USDC beforehand.The protocol separates the payer from the payee, mintage from becoming currency, and pre-minted notes can only circulate after an equivalent reserve is deposited in the same transaction. The circulating supply and reserve's 1:1 relationship is enforced by the contract, with ownership and transfers hidden on-chain. Only compliant administrators can execute freezes, and frozen reserves cannot be moved. The protocol is based on the Zcash Orchard note model, adopts the pERC20 standard, supports selective disclosure, and the security model covers abnormal scenarios involving operators, entry parties, and relayers.

According to The Block, the U.S. spot Ethereum ETF saw a net outflow of $542.1 million last week, marking the worst week since January, with capital outflows occurring for 9 consecutive days.During the same period, the Solana ETF experienced a net outflow of $24.8 million, ending a previous streak of 14 weeks of net inflows, and recording the largest single-week net outflow since the product was launched.

Tom Lee, the chairman of the Ethereum treasury company Bitmine, stated in an interview that Ethereum is expected to rise to between $25,000 and $50,000 in this cycle. He believes that ETH has been oscillating in a similar range for the past five years, and continued bottoming may lay the foundation for a larger breakthrough later.Tom Lee also predicts that the price of ETH will exceed $5,000 by the end of the year, noting that if Bitcoin rises above $100,000, ETH is expected to reach around $7,500. However, market prediction data shows that traders currently believe there is only a 4% chance that ETH will rise to $5,000 by the end of 2026.

According to on-chain intelligence platform Arkham, Grayscale's mini ETH ETF has accumulated $103.3 million in ETH purchases over the past 20 days, while its older product, the ETHE fund, recorded an outflow of $71.6 million during the same period. The market generally believes this is an internal rotation of funds from ETHE to the mini fund.Considering the net flow of both products, Grayscale's clients have net bought approximately $31.7 million in ETH during this period.

Blockworks analyst Jake Koch-Gallup published a rebuttal to the viewpoint that Ethereum is losing its liquidity moat, arguing that despite the challenges to ETH's value capture ability and stablecoin market share, its reserve asset characteristics, Layer 2 ecosystem, and institutional adoption still constitute a long-term competitive advantage.In response to the issue of low on-chain revenue for Ethereum, Jake pointed out that ETH's valuation depends not only on actual economic value (REV) but also includes reserve asset and collateral premiums, with ETH's market capitalization currently about 1,100 times the REV of the past 12 months. Additionally, the development of Layer 2 networks such as Robinhood Chain and Base can still strengthen the Ethereum ecosystem, rather than indicating that funds and applications are completely leaving Ethereum. Jake also noted that Ethereum currently accounts for about 65% of the total value locked (TVL) in DeFi, with approximately 45% of the on-chain managed scale in real-world assets (RWA), while spot ETFs and corporate treasuries collectively hold about 13% of the total ETH supply, and about 36% of the ETH supply is currently staked.Although Ethereum's stablecoin market share has gradually faced dilution pressure from around 51%, Jake believes that as the overall stablecoin market expands, its absolute scale may continue to grow. However, Jake also acknowledged that relying solely on ETH's reserve asset premium, without sufficient revenue and value return mechanisms, raises questions about its valuation sustainability.

According to SoSoValue data, yesterday (Eastern Time October 9), the total net outflow of Ethereum spot ETFs was $56.1001 million, continuing a 9-day net outflow.The Ethereum spot ETF with the highest single-day net outflow yesterday was Blackrock ETF ETHA, with a single-day net outflow of $56.1001 million. Currently, the historical total net inflow of ETHA has reached $12.793 billion.As of the time of publication, the total net asset value of Ethereum spot ETFs is $15.710 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 5.18%. The historical cumulative net inflow has reached $13.260 billion.

Account @blockchainchick stated that Tether's USDT contract has included the destroyBlackFunds function since its deployment on Ethereum in 2017. This function first confirms that the address has been blacklisted, then reads its balance, sets the balance to zero, deducts the corresponding amount from the total supply, and records the event, with no function available to reverse it.The account mentioned that the relevant blacklist function names the target address as _evilUser, and only Tether's multi-signature owners can invoke it on Ethereum and Tron. It also stated that Tether can subsequently mint an equivalent amount of USDT to the selected address, keeping the net supply unchanged; the U.S. Department of Justice described this process in a March 2025 forfeiture case in Massachusetts, involving approximately $9,016,612 USDT. The account also claimed that USDC can restrict wallets but cannot destroy balances, and believes this mechanism has been operating on Tron and Ethereum with owners, while Bitcoin does not have this feature.

On October 8, 2026, Senator Richard Blumenthal, the chief member of the minority party of the U.S. Senate Permanent Subcommittee on Investigations, sent a letter to Cantor Fitzgerald Chairman Brandon Lutnick, requesting the preservation of documents and answers regarding the company's relationship with the stablecoin issuer Tether. The deadline for responses to the five-page letter is October 23, 2026. This request comes from the minority party of the subcommittee, is part of an investigative inquiry, and is not a law enforcement order, nor does it constitute a determination against Cantor, nor does it alter the operation or redemption of USDT.The letter states that since President Trump took office again, the valuation of Cantor's 5% stake in Tether has risen from $600 million to an estimated $10 billion, with Cantor earning tens of millions of dollars each year for holding assets on behalf of Tether; former Cantor Chairman and current Secretary of Commerce Howard Lutnick has profited over $250 million during the same period, including a $192 million distribution from Cantor. The page notes that the above content reflects allegations and estimates made by the senator, and does not represent conclusions drawn from this request. Blumenthal also wrote that Tether claims to operate in El Salvador, but the vast majority of its assets are in the U.S., held by Cantor.

Coinbase Institutional stated that ETH rose by 71% in the third quarter, but on-chain indicators show that there are no obvious signs of overheating in its price trend.Data shows that the proportion of ETH supply in profit has moved out of the accumulation range, but it is still far below the warning zone, indicating that the current market has not reached the excessive rise state suggested by historical indicators.